Managers of Wealth Asia Pacific

India to auction fugitive billionaire’s art collection

After a court order allowing the auction to take place, tax authorities, who are pursuing Modi over the country’s largest bank fraud, appointed professional auction house Saffronart.

Re Dai Guoliang 2019 HKCFI 597 – A Tool to Bear in Mind in the Asset Recovery Toolbox

There is no dispute over the existence of the debt

France to seal deals with China but challenge on Belt and Road project

Xi arrived in France after visiting Italy, the first Western power to endorse China's ambitious Belt and Road Initiative as Rome tries to revive its struggling economy.

China’s growing presence in the Gulf

For the Gulf monarchies, dense relations with extra-regional powers are an important pillar of their foreign and security policies.

China central bank head says country to step up oversight of systemically important financial firms

China has repeatedly vowed to improve market access for foreign investors

China Has a Lot of Financial Opening Up to Do, Says Central Bank

Officials made repeated pledges at the China Development Forum over the weekend to open up more of the economy to foreign companies and ensure a level playing field with domestic firms.

Banks who fell for IPO fictions get record fines, but punishment offers little deterrent

As a result, face to face interviews and on-site visits have long been the norm.

MAS Details Enforcement Outcomes, Priorities in Inaugural Report

The report will be published every 18 months.

Former CBA adviser banned for life in Australia

Ms Wilmott has the right to appeal to the Administrative Appeals Tribunal for a review of ASIC’s decision.

ASIC obtains interim injunctions against Forex Capital Trading

The matter is next before the court on Monday 20 May 2019.

Yellow Brick Road writes down intangible assets

As outlined in ASIC media release 18-364MR Major financial reporting changes and other focuses

HKMA Welcomes a Hong Kong Bank Launching Remote Onboarding Service for Opening Mainland Bank Accounts

As more and more Hong Kong people work and reside in the Mainland cities of the Greater Bay Area, we attach great importance to their convenient access to financial and banking services in the region.

Fed's prolonged pause opens door for Asia's central banks to cut

"The Fed's big shift will end the tightening wave for Asia's central banks and open the door for future easing," said Chua Hak Bin, an economist at Maybank Kim Eng Research in Singapore

Laws on tax treatment of financial instruments, tax exemption for funds enacted

Generally, an election for aligning the tax treatment with the accounting treatment, once made, is irrevocable and has effect for the year of assessment for which the election is made and all subsequent years.

SFC Orders Brokers to Freeze Client Assets in Market Manipulation Case

The SFC is not investigating these brokers, which have cooperated with the SFC’s ongoing investigation.

Westpoint investors to receive $1.5m

ASIC said this is made up of about $78 million in recoveries from the investment scheme's liquidation process and Westpoint companies not in liquidation, and almost $93 million compensation from ASIC's actions.

SFC Extends Compliance Deadline for New Rules on Complex Products

“The SFC considered feedback from the industry and agreed to extend the effective date for three months to 6 July 2019,” the regulator said in a circular.

Fugitive diamond magnate Nirav Modi arrested

Mr Modi is accused of a scam that led to India’s second largest bank, Punjab National Bank, being defrauded of $2 billion.

Banks bolstering money laundering countermeasures

As this date approaches, financial institutions are stepping up their countermeasures due to concerns that if the FATF decides Japan’s handling of this issue is insufficient, it could lead to difficulties such as delays in international remittances

British Virgin Islands – Economic Substance (Companies and Limited Partnerships) Act, 2018

We set out below a summary of the legal entities affected by this new legislation and steps that will be required for compliance.

Legal, Regulation & Compliance